The latest analysis and commentary by stock market guru Ashish Chaturmohta of Sanctum Wealth Management on what is moving the markets today.
He also spoke at length on L&T Finance Holdings , DCB Bank & SRF.
While recommending his F&O strategies Ashish Chaturmohta said, “L&T Finance Holdings this is one stock which has formed a very strong double bottom at around Rs 120 odd levels and from Rs 120 to almost 140 we have seen considerable amount of open interest addition on the long side. So, the trend is going to continue. I think this stock has potential to at least 5-7 percent uptick form current levels. In immediate short-term Rs 136 would be my trading stop loss for going long into L&T Financial Holdings. On upside Rs 152 could be a shorter term target one can expect into it. Apart from that even if you look at lot of these housing finance companies like Can Fin Homes has seen a considerable amount of open interest so that will also be in focus for good 5-6 percent kind of uptick from current levels.”
He further added, “We are seeing selectively lot of buying interest into this midcap private sector banks where we have seen a good amount of dip in last 4-5 months and within that DCB Bank is one stock which is looking very promising. If you look at last 7-8 months it was into a consideration phase and now it has given a very strong breakout above Rs 190 all levels and with this breakout we have seen open interest addition of almost 15-18 percent clearly on the long side. if you look at in terms of rollovers also the March series has come up with a very positive rollovers into midcap private sector banks like DCB Bank or even for that matter Federal Bank so this space is going to be very promising. DCB could be initiated as a buy with a stop below Rs 190. In a short to medium term I am expecting stock to hit Rs 215-220 kind of zone."Disclaimer:
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